Accor optimistic on Q4, bookings holding up
Oct 21, 2011
Accor, Europe's largest hotel group, said on Tuesday it had yet to see demand for hotel rooms reflect signs of an economic slowdown and expected steady growth to continue in the fourth quarter.
The world's fourth-largest hotel group kept its outlook for a rise of up to 19 percent in its core operating profit this year as it posted a 2.7 percent increase in third-quarter sales, in line with forecasts.
The French company, which owns 4,200 hotels worldwide, said higher occupancy rates and a gradual recovery in average room rates should lift full-year 2011 earnings before interest and tax (EBIT) to between 510 million and 530 million euros, up from 446 million in 2010.
Chief Financial Officer Sophie Stabile told a conference call that bookings were on a "positive" trend, showing no signs of slowing down at least through year-end.
Get the full story at Reuters